Grasim Industries Ltd., the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process against Spentex Industries Ltd., the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor had defaulted on payments for goods supplied, specifically Viscose Staple Fibre (VSF), based on seven invoices issued between 08.09.2016 and 06.10.2016. The Operational Creditor also stated that the Corporate Debtor had requested more time to pay the outstanding amount via email dated 19.10.2016 and 20.03.2017. The Corporate Debtor, however, contended that there was a pre-existing dispute between the parties, citing issues with the quality of goods supplied, discount
…Grasim Industries Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Spentex Industries Ltd. (Corporate Debtor) for outstanding payments related to the supply of Viscose Staple Fibre (VSF). The total debt claimed was Rs. 1,09,82,416.42, including outstanding invoices from 08.09.2016 to 06.10.2016, C-Form debit notes, and interest. The Corporate Debtor acknowledged the debt in emails dated 19.10.2016 and 20.03.2017, requesting more time to pay. However, the Corporate Debtor also claimed a pre-existing dispute, citing issues with the quality of goods, discount policies, and pending claims against credit notes, as raised in a letter dated 05.02.2016. The Corporate Debtor also raised a counter-claim of Rs.
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The Corporate Debtor raised issues regarding…
First invoice date for…
Grasim Industries Ltd., the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process against Spentex Industries Ltd., the Corporate Debtor. The Operational Creditor claimed that the Corporate Debtor had defaulted on payments for goods supplied, specifically Viscose Staple Fibre (VSF), based on seven invoices issued between 08.09.2016 and 06.10.2016. The Operational Creditor also stated that the Corporate Debtor had requested more time to pay the outstanding amount via email dated 19.10.2016 and 20.03.2017. The Corporate Debtor, however, contended that there was a pre-existing dispute between the parties, citing issues with the quality of goods supplied, discount
…Grasim Industries Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Spentex Industries Ltd. (Corporate Debtor) for outstanding payments related to the supply of Viscose Staple Fibre (VSF). The total debt claimed was Rs. 1,09,82,416.42, including outstanding invoices from 08.09.2016 to 06.10.2016, C-Form debit notes, and interest. The Corporate Debtor acknowledged the debt in emails dated 19.10.2016 and 20.03.2017, requesting more time to pay. However, the Corporate Debtor also claimed a pre-existing dispute, citing issues with the quality of goods, discount policies, and pending claims against credit notes, as raised in a letter dated 05.02.2016. The Corporate Debtor also raised a counter-claim of Rs.
…The Corporate Debtor raised issues regarding…
First invoice date for…